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Bacchiega, Emanuele ; Lambertini, Luca ; Palestini, Arsen
(2008)
On the Time Consistency of Equilibria in Additively Separable Differential Games.
Bologna:
Dipartimento di Scienze economiche DSE,
p. 20.
DOI 10.6092/unibo/amsacta/4621.
In: Quaderni - Working Paper DSE
(629).
ISSN 2282-6483.
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Abstract
The relationship amongst state-redundancy and time consistency of differential games is investigated. A class of state-redundant games is detected, where the state dynamics and the payoff functions of all players are additively separable w.r.t. control variables. We prove that, in this class of games, open-loop Nash and degenerate feedback Stackelberg equilibria coincide, both being subgame perfect. This allows us to bypass the issue of the time inconsistency that typically affects the open-loop Stackelberg solution.
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